Collecting Social Security Before Turning 65

This is the last of five blog entries where we are answering the question:

I am still working with insurance coverage.What do I need to do about turning 65 and Medicare?

Let’s start with a few things that are going to determine what we will end up doing in the end about Medicare:

- Cost of your current coverage through your employer (covered in part 4);

- Are you insuring as spouse or a spouse is insuring you (covered in part 5);

- What is your prescription drug load (covered in part 6);

- Size of your current employer (covered in part 7);

- Are you collecting your Social Security benefit?

Now that we know what we have to consider, let’s look at the last point.

You may be working with insurance coverage and have decided to collect your social security benefit early. If you are collecting your Social Security benefit, then Social Security will assume that you want Medicare Part B and conditionally enroll you into Medicare Part B.

You will still want to consider the other four points that we have covered in this blog series to determine if you are going to keep your Medicare Part B active or decline it to start it at a later date.

When you receive your Medicare card in the Mail about three and half months before your Medicare is scheduled to start (which is the first day of your birth month), you will need to decide to keep it or send it back.

If you are going to stay on your employer coverage and decline Medicare Part B, you will need to fill out the back of your Medicare card and return it to Social Security.They send an envelope for you to send it back in.This will defer your Medicare Part B start date to a later date of your choosing.They will send you back a Medicare card with Part A only on it in due time.

Meeting with one of our agents from Sun Coast Legacy Advisors can help you answer these questions and more.We recommend that if you are getting ready to turn 65 that we get together for our Meet and Greet appointment about 5 to 6 months before you are getting ready to turn 65.We will be able to educate you on your options for coverage and present you with a timeline of key dates and benchmarks leading up to starting Medicare at 65.

Turning 65 can be simple and easy.Sun Coast Legacy Advisors is here to help you through the process.Email or Call to schedule your appointment today.

Bill Gay: